All Forum Posts by: Joe Detore

I am currently looking to relocate from SC to FL. I am currently employed full-time in SC. If I wanted to use my employment in SC as means to qualify for a mortgage while at the same time purchase a home in FL as my primary residence. What are the (best) lending option for me? I am also trying to keep the down payment as low as possible. I would be interested in hearing any of the conventional lending options as well as any other options at all possible.

Preface:

I would be living rent fee in SC during the home purchase and yes the new home would be my primary home. I know it would be easiest to just find a job in FL and then buy a home, but I am in quite a time crunch and would not have time to gain employment in FL is fast as I would like to. I will continue to stay employed in SC until I close on the new home and then leave my job in SC. I know that is not the smartest way to do this but the new job in FL is the easiest part. I just need to close on a house in FL and want to know that best lending options I would have.

Any info would be greatly appreciated. 

Thanks All

I am looking to buy a house with a %100 cash payment (no loans or mortgage) in Florida, and will then be looking to mortgage the home utilizing a cash out option with the equity in the home and use that money to purchase another home.

My question is; How long do lenders typically say they like to see you own the home before they are willing to finance it? I believe it is mainly called a "seasoning period", probably other names as well.

Also, to get some thoughts and or suggestions on my plan, what I would like to do after I am able to finance the first home is the get it rented and have the tenants pay the first mortgage for me, buy a second home with the cash I pulled out and then once I am able to get the second house financed, use that cash to purchase a third house that I will live in.